As can be seen above, the pace of sales has recovered more quickly at Massanutten Resor than in our overall market.

• Massanutten Resort sales have increased 55% since 2009.
  
• Sales in Harrisonburg and Rockingham County have only increased 4% since 2009.

While prices have fallen significantly over the past six years at Massanutten Resort (-26%) as compared to the overall market (-9%) the improvement over the past two years has been more rapid at Massanutten Resort (+4%) than in the overall market (-3%).

The significant declines in price (-28%) and sales pace (-48%) at Massanutten Resort between 2006 and 2010 were likely due to the significant decline in second home purchases as housing markets softened across the nation.  I believe we will see continued recovery in the Massanutten Resort market over the next few years, though it might be many years before we return to median prices as high as we experienced in 2006.